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The Martin Lewis Podcast
Pensions Special: Double your investment, how to start one, are workplace pensions good, consolidation & more
Feb 13, 2025
In this insightful discussion, Charlotte Jackson, Head of Guidance Services at Money Helper, shares her expertise on pensions. Discover how two key pension superpowers can double your investments and whether you should stick with your workplace pension. She dives into the importance of starting a pension for your child, the differences between various pension types, and the benefits of pension consolidation. Plus, learn about the guidance available for both self-employed individuals and those looking to navigate the complexities of retirement planning.
46:47
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Quick takeaways
- Understanding the three main categories of pensions—state, private, and workplace—helps individuals make informed retirement planning decisions.
- Pensions offer significant advantages through pre-tax contributions and employer matching, effectively enhancing retirement savings for employees.
Deep dives
Understanding Pension Types
There are three main categories of pensions that individuals should be aware of: the state pension, private pensions, and workplace pensions. The state pension accumulates based on national insurance contributions, requiring roughly 35 years of work to qualify for the full amount, which is currently £221 per week. Private and workplace pensions are predominantly money purchase pensions, also known as defined contribution pensions, which allow individuals to see the specific amount of money they have saved over time. Some workplace pensions may also be defined benefit schemes, which provide a guaranteed percentage of salary upon retirement, but money purchase schemes are more common among employers.
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